The total cost of Mr. Plow, a snow-removal business, is given in the table below.Quantityadrivewayscleared)AbbreviationFormula:TotalRevenueTRTotal CostTC$0$252030405060708034414649515460709514510100What is the total profit of cleaning five driveways if the price Mr. Plow can charge is $10 per driveway? s01/21VIEW sOLUTIONO OF 21QUESTIONS COMPLETED28MacBook Pro59

Total Profits of 5 drive ways = Total revenues of 5 driveways - Total cost of 5 drivewaysTotal…

Answered: The total cost of Mr. Plow, a…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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Similar questions

What are diminishing marginal returns as they relate to costs?
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Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
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The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
2500 2000 1500 Returns te scale: 0.33 1000 Price 2 10 15 20 25 30 Size dength in feet) 35 40 Rental price 100 The interactive above is from the loarning object, it will automatically find the profit maximizing length of the truck Adam should rent at given prices, rental rates, productivities, and returns to scale. It only the productivity of the truck Adam chooses to rent decreases, which of the following would be true at the new profit maximizing level of output and length of truck? Select the two that apply O A decrease in marginal cost O A decrease in total costs O A decrease in total revenuo O An incroase in the amount of labor Adam hires Revenue
Question Two: The following data for a small farm operating in a perfectly competitive market are given in the table below. The price is $10 per yogurt. Q TC 100 10 200 20 280 30 330 40 360 50 380 60 390 70 425 80 500 90 610 100 750 Instructions: 1. What is the firm's decision at that price? (whether to produce or to shutdown), justify your answer. 2. Show the range of output at which the firm experience IMR and DMR. 3. Using excel, now suppose the price of strawberry yoghurt decreases to $5.5 per unit, what is the right decision firm should take, (produce or shutdown) justify your answer.
Use the diagrams to answer the following questions. Price and cost 20- 18 16- 14- 12 10 8 6 4 2+ o Market 1 488888 MC NO₂ MR 40 55 an in en nn minn Price and cost 20- 18- 16- 14 12- 10- 8- 6- 4- 2- 0 Market 2 0000000 MC NMR Annnnn in ED ORA on noinn If the firm wants to maximize profits, what price will it charge in Market 1, and what quantity will it sell? The firm will charge a price of $ using integers). Q and will sell a quantity of units. (Enter numeric responses
Variable Output 1 O $200 O $250 TVC O $500 400 700 2 3 4 1400 Use the above table and assume fixed costs of $1000 33. At an output of 4, AFC is: 1000 TC AFC O $1000 O Cannot be determined AVC ATC Marginal Cost
Save The production function for a product in given by q-100KL mergnal product functione MP100K end MP100 he poe of cp,cs00 per day wnd the priefer, w, in S400 per day, what the minimum cost of producing 10,000 units of oupun The minimum cost of producing t10,000 units of output is Round al intemediate retb deciml placand erter your pone unded te deia ps
What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200
View O Tell me what you want to do.. References Mailings Review Design Layout AL T AaBbCcD AaBbCc AaBbCcDc AaBbC New Ro 12 A A Aa - I Normal Body Text I No Spac. Heading 1 U - abx x, x A - aly. A - Styles Font Paragraph Question 2. MC ATC A VC 2.8 10 11 12 Quankily (per day The graph above shows the cost structure of a perfectly competitive firm, Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would it continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. arch ASUS F7 180/Q 112 /A 16 8. 9. R Y 10 Price and cos b (dollos)

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